Tehran, Rome pen deals on major economic exchange

The Islamic Republic of Iran and Italy have signed 12 major agreements in various sectors of economy. The agreements were inked on Wednesday in the presence of Minister of Industry, Mine and Trade Mohammad-Reza Nematzadeh and visiting Italian Prime Minister Matteo Renzi in Tehran.

According to the official IRNA news agency, Iranian firms reached deals with Italian companies in different areas of trade, including energy, construction, power generation, information and communication technologies as well as steel and textile among others.

Delegates from both sides attended the event at Iran's Chamber of Commerce, Industries, Mines and Agriculture in Tehran, where Italy's FATA SPA, the engineering unit of the country's leading industrial group, Finmeccanica, signed a $237 million contract with Iran's Foulad Boutia on the transfer of equipment and services for the construction of a power plant in Iran's southern province of Kerman, IRNA said.

The Iranian company also sealed a deal worth 350 million euros with Italy's Danieli Group on the transfer of industrial equipment and services for the construction of a steel company in Iran.

Meanwhile, Iran's telecommunication company struck an accord with Italy's ITALTEL for the development of 'telecommunication network' in the country.

Also, the Italian engineering and project management company, BELLELI Group, reached an agreement with Iran's Jahan Pars Group on providing Engineering, Procurement and Construction (EPC) services in areas of infrastructure and energy.

Speaking at the event, the Italian PM urged a boost in bilateral relations, calling for the effective implementation of the projects.

Renzi arrived in Tehran early Tuesday at the head of a 250-strong political and economic delegation, making him the first Italian official in such capacity to travel to the Islamic Republic since 2001.

Italian foreign minister, minister of infrastructures and transports, minister of economic development, and minister of agriculture, food and forestry policies as well as businessmen and personalities from Italy's public and private sectors are accompanying Renzi in the visit.

Seven documents for cooperation were signed by the two sides earlier in the day.

Back in January, Iranian President Hassan Rouhani visited Italy for two days, during which the two countries signed deals worth up to 17 billion euros (18.42 billion dollars).

Italy was one of Iran's leading economic and trade partners before sanctions when annual exchanges amounted to 7 billion euros compared with $1.6 billion euros now.